Vancouver housing prices risk mortgage default: report

April 13, 2015

By Jason Proctor, CBC News Posted: Mar 11, 2015

B.C. financial regulator warns credit unions about possibility of default on residential mortgages

Richmond townhousesConsistently raising housing prices in greater Vancouver area can get us to a housing market crash leading to mass mortgage default which result could be.

People on the west coast are used to getting warnings about the Big One.

But the earthquake imagined in a new report prepared for B.C.’s Financial Institutions Commission is economic - not seismic: a housing market crash leading to mass mortgage default. View homes for sale using ABL Homelist website.

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Hot Market For Detached Homes

 By Tracy Sherlock, Vancouver Sun March 25, 2015

 Average Vancouver house prices of $2 million foreseen in Vancity report

If housing prices continue to rise unchecked in Vancouver, the average detached home will cost more than $2.1 million by 2030 and require more than 100 per cent of the median household income to maintain, according to a new report from Vancity.

The report, Downsizing the Canadian Dream: Home ownership Realities for Millennials and Beyond, released today , found only Maple Ridge, New Westminster, Pitt Meadows, Port Coquitlam and Langley are now classified as”Affordable,” which means that housing costs don’t exceed 32 per cent of a homeowners’ gross monthly income.

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If you are planning to buy or sell your home in Richmond, Vancouver or Burnaby, you can research the homes for sale on the market using ABL Homelist website.

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